Crude oil Tuesday Forecast

Tuesday Forecast

Uptrend scenario
The uptrend may be expected to continue, while market is trading above support level 38.70, which will be followed by reaching resistance level 41.10 – 41.65.
Downtrend scenario
An downtrend will start as soon, as the market drops below support level 38.70, which will be followed by moving down to support level 36.60.

This/Next Week Forecast (October 12 – 16, 2020)

Uptrend scenario
An uptrend will start as soon, as the market rises above resistance level 41.65, which will be followed by moving up to resistance level 43.75.
Downtrend scenario
The downtrend may be expected to continue, while market is trading below resistance level 41.65, which will be followed by reaching support level 38.70 and if it keeps on moving down below that level, we may expect the market to reach support level 36.60.

Chart Crude oil This/Next Week Forecast, Technical Analysis

previous week crude oil forecast chart
Chart Crude oil This/Next Week Forecast, Technical Analysis

Fundamental Analysis

Difference between supply and demand showing fair price between the levels 45 – 52.

Chart Crude Oil Storage, Inventory

Long-term Forecast
(Quarter III: July – September, 2020)

Uptrend scenario
An uptrend will start as soon, as the pair rises above resistance level 41.05, which will be followed by moving up to resistance level 50.50.
Downtrend scenario
The downtrend may be expected to continue, while pair is trading below resistance level 41.05, which will be followed by reaching support level 34.35 and if it keeps on moving down below that level, we may expect the pair to reach support level 26.00 – 21.42.

Chart Crude oil Forecast 2020, Long-term Outlook, Technical Analysis

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